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Krutko signs pact to remain Ann Arbor Spark CEO

Paul Krutko has signed a five-year contract to remain as president and CEO of Ann Arbor Spark, a nonprofit economic development organization founded in 2005 by Rick Snyder, before he left the world of venture capital to become Michigan governor.

Krutko, 58, said the contract can be extended on a year-by-year basis if mutually agreed upon by him and Spark's board of directors.

The three-year contract Krutko signed when he was recruited from San Jose, Calif., expired in April, and there had been rumors in Ann Arbor and the local VC community that he was leaving to take a job elsewhere.

Krutko told Crain's that the Spark board was aware he was being recruited.

"People have contacted me and presented me with a variety of opportunities," in part, he said, because of his high profile nationally last year as chair of the Washington, D.C.-based International Economic Development Council, an association of economic development professionals.

Krutko said one of the highlights of his tenure at Spark was rebuilding a strong management team after the first CEO, Mike Finney, left Spark to join Snyder in Lansing as president and CEO of the Michigan Economic Development Corp., taking much of Spark's leadership with him.

He said another was forming an economic development partnership with Monroe, Hillsdale, Jackson and Lenawee counties.

"I really like the work we're doing here at Spark. I've worked all over the U.S., and this is one of the finest platforms for economic development I've ever encountered," said Krutko.

Also fueling rumors of his departure was a perception there was a rift between Spark and the MEDC. Spark had run the first Michigan Pre-Seed Fund, but when the state created a second fund in April, it was turned over to a new nonprofit, Detroit-based Invest Michigan.

And Spark's role as fiduciary of the annual Accelerate Michigan Innovation contest in Detroit was recently turned over by the MEDC to Invest Detroit. Krutko denied rumors of a rift with the MEDC. "We have a good, strong working relationship with the MEDC."